You Can’t Manage What You Can’t Measure
Gaining actionable insights from data should be a priority for gym operators to compete in the fitness industry successfully. There is the need to use data to gain insights and improve important functions like member acquisition, retention, billing and operations. With today’s advanced digital tools, it’s possible to obtain data from more sources than ever before.
Being data-rich, however, doesn’t always equate to gaining insights from that data. Therein lies a big challenge and opportunity. Transforming data into business insights requires having a complete picture of the member journey. It requires having the right tools, the right people with the right skills, and the right systems to turn data into valuable and actionable insights. If doing this was easy, everyone would.
You simply cannot manage what you do not measure. Health club operators must identify ways to evolve their operating models from being simply data-aware to insights-driven in order to excel. This evolution is key to supporting member-focused strategies, including attracting, serving and retaining members while boosting profitability, raising market share and outperforming competitors.
Achieving these objectives, however, is not as simple as just looking at the numbers. You need integrated solutions that lead to insights resulting in actionable business outcomes. How do you quickly and efficiently get the full 360-degree view of your customers and your business, given all of the right measures you need?
To execute a sound business strategy, decision-makers need member-focused, strategic and real-world ways to measure finances and operations. Without this capability, health club brands and fitness businesses can’t link operational results to strategy. Organizations will find it difficult to get a coherent view of their internal and external processes, customers, logistics, operations and finances.
Companies in the health club industry that have learned how to turn data into insights will be the ones that have greater success. Forrester research refers to these companies as “insight-driven businesses.” They are smart enterprises that use data, analytics and software in closed, continuously improving loops to differentiate and compete.
In the fitness industry, insight-driven businesses already have an advantage compared to those still sticking to their old ways. To remain competitive and excel in the fitness industry, the time to become insight-driven is today, not tomorrow.
To view the entire article on “How to Become More Data Driven” and how ABC Financial can help you with this process, visit abcfinancial.com. Jennifer Hutchinson is the director of PR and events at ABC Financial. She can be reached at firstname.lastname@example.org.